This last Saturday, Brian and Jeremiah were joined by attorney Steve Rausch to dive into some critical financial topics for business owners and families.

First, they explored the new FinCEN Beneficial Ownership Reporting Requirements. Starting January 1, 2025, businesses must report their beneficial ownership to the Treasury Department to combat tax evasion and money laundering. Non-compliance could result in hefty fines and jail time, so make sure you're prepared!

The team discussed the importance of prenuptial agreements in estate planning. Prenups are especially vital for those in second or later-in-life marriages, as they protect personal and financial assets in case of divorce or death.

Next, they tackled trusts and estate planning for business owners. Trusts help avoid probate and ensure seamless asset transfer, but they can complicate FinCEN reporting. It's crucial to plan carefully when using trusts in business ownership.

Finally, the team looked at entity structuring and asset protection. Setting up LLCs and holding companies can safeguard personal assets from business-related liabilities, but you need a clear strategy to stay compliant with FinCEN regulations.

Listen, Watch, Subscribe, Ask!

https://www.therealmoneypros.com

Hosts:

Brian Wiley & Jeremiah Bates

Guest:

Steve Rausch, Attorney

steverauschlawoffice.com

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SPONSORS:

Guild Mortgage:

https://guildmortgage.com

Ataraxis PEO

https://ataraxispeo.com

Tree City Advisors of Apollon:

https://www.treecityadvisors.com

Apollon Wealth Management:

https://apollonwealthmanagement.com/

Formations:

https://get.formationscorp.com/real-money-pros

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